FTT price surges 30% following “gm” tweet from Sam Bankman-Fried’s account

$FTT price jumped more than 30% after a surprise “gm” post on Sam Bankman-Fried’s X account sparked a wave of speculative trading.

On Sept. 23–24, $FTT staged a sharp, headline-grabbing move. The token climbed to an intraday high near $1.20, up roughly 30% from prior levels, then settled around $0.97 as of press time as traders took profits and the initial frenzy faded.

$FTT is still up about 22% on the day. Weekly gains now stand at 20%, while the token has risen 7.9% in the past month. Despite this jump, $FTT remains 99% below its all-time high of $84.19 from 2021.

The latest surge was accompanied by a sharp rise in trading volume. $FTT saw a 281% increase in 24-hour spot volume to $49.6 million. According to Coinglass data, derivatives activity also increased, with open interest rising 38% to $3.3 million and volume jumping 1,353% to $30.3 million.

These numbers suggest a rise in leveraged speculation, which increases the likelihood of significant fluctuations in either direction.

Social signal drives sharp reaction

The catalyst was a short “gm” message posted from SBF’s account on Sept. 23, marking the first notable activity in months. The post was enough to spark heavy speculation, even though a friend later clarified that they were the ones who created the post and not SBF.

Traders quickly moved into $FTT, echoing similar market reactions to prior activity on the account earlier this year.

Community response ranged from memes about “pumping from prison” to skepticism about the token’s value, given $FTT’s lack of utility after the collapse of the FTX exchange. The latest episode reinforces how attention around SBF’s account can still generate volatility, even without fundamental backing.

$FTT price technical analysis

The technical picture shows short-term strength despite overall mixed signals. On the daily chart, $FTT overextended, briefly rising above the upper Bollinger Band at $1.05 before falling back. After cooling from overbought levels during the spike, the relative strength index is currently in neutral territory at 54.7.

$FTT price surges 30% following “gm” tweet from Sam Bankman-Fried’s account - 1">

$FTT daily chart. Credit: TradingView

Moving averages point to potential short-term support. A short-term bullish bias is confirmed by the 10-, 20-, and 50-day EMAs all sitting below the current price. This structure is also supported by the 100-day EMA at $0.92. $FTT is still in a longer-term downward trend though, as the 200-day EMA at $1.10 is still above the current price.

Momentum indicators are split. The momentum oscillator and commodity channel index are bearish, indicating short-term exhaustion, while the MACD displays a buy signal.

The immediate resistance, if the rally picks up steam, is between $1.05 and $1.20. Support on the downside can be found at $0.90 and $0.80, and a deeper correction could result in a retest of $0.70.